1 Economic Theory and Economic Policy Since the Seventies: Keynesians Versus New Classical Economists 1 (38) 1.1 Keynes's Economic Thought on the Defensive 1 (7) 1.2 The Keynesians' Theoretical Response and the Rise of the New Keynesianism 8 (3) 1.3 The Dominant Financial Theory and Its Criticism 11 (5) 1.4 The Post-Keynesian Approach to Financial Theory: The Monetary Circuit Theory and Minsky's Financial Instability Hypothesis 16 (6) 1.5 The Global Financial and Economic Crisis and the Return in the Major Economies of Economic Policy Based on Keynes' Recommendations from the General Theory 22 (7) 1.6 The Return of Keynes to Economic Policy 29 (10) References 36 (3) 2 The General Theory of Employment, Interest and Money: An Overview with Commentary 39 (36) 2.1 The Starting Point for Analysis 40 (2) 2.2 The Principle of Effective Demand 42 (1) 2.3 The Definition of Income, Savings and Investment 43 (2) 2.4 The Marginal Propensity to Consume and the Multiplier 45 (1) 2.5 The Marginal Efficiency of Capital 46 (1) 2.6 The State of Long-Term Expectations 47 (1) 2.7 Keynes' General Theory of the Interest Rate 48 (2) 2.8 The Classical Theory of the Interest Rate 50 (1) 2.9 Psychological and Business Incentives to Liquidity 50 (1) 2.10 Sundry Observations on the Nature of Capital 51 (2) 2.11 The Essential Properties of Interest and Money 53 (2) 2.12 The Underlying Logical Framework of the General Theory 55 (1) 2.13 Changes in Money-Wages 56 (3) 2.14 The Employment Function 59 (2) 2.15 The Theory of Prices 61 (3) 2.16 Notes on the Business Cycle 64 (2) 2.17 The Social Philosophy of the General Theory 66 (2) 2.18 Keynes's Theory of Capital, the Speed of Economic Growth and a Possible Answer to the "Inflation Trap" 68 (7) References 74 (1) 3 Impact of Financial Globalization on the Scope of Economic Theory and Policy 75 (20) 3.1 Changes in the Balance of Economic Power 76 (5) 3.2 The Changed Nature of Managing the Money Supply in the Context of Globally Integrated Finance 81 (4) 3.3 The Impact of Financial Liberalisation on the Effectiveness of Economic Policy 85 (3) 3.4 The Challenges Facing Economic Science and Economic Policy as a Result of the Measures Implemented During the Global Crisis in the Integrated Global Economic System 88 (7) References 92 (3) Conclusions 95